The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-09-22
Leading Bankers Interviewed.
Great Variety Of Views on the CUES
ton Expressed,
The Opinion That Congress ia Re.
sponslble Predomihates.
They All Think That Taxation Should
BE Reduced Next Session.
The Treasury should Relieve the
Pressure by Liberal Par
chaseso Bouds-Democ-
rRey Endorsed.

INV YoRK, September q. - The
World prints interviews with the
leading bankers and merchants Of this
city as to why money is so scarce"
There 10 q large variety Of views ex'
pressed, but the PREF oadersnce Of
opinion is that Congress Is re,ponsi.
BILE for the present state Of affairs.
Some think that the Secretary Of the
Treasury should relieve the pressure
by q liberal purchase OF bonds, but
oil think that Congress should, at Ito
next session, reduce taxstion. II
seems from the interviews that the
merchants are suffering for money
even more than the Wall street spec
ulators.
PRESIDENT GEORGE 9. coz,
OF the An erican Exchange Bank,
said: "0Ae OF the principal causes
which have brought about the strin.
gency In the money market is the uni.
verssl activity and enterprise In the
country, which has created q demand
Tor all the money aud has scattered II
over q very large area, 30 that II does
not return at this 81 ason TO the same
extent 90 In former years. This deficit
comes Just at time when the great
crops Of the country are TO be moved,
The administration could come 10 the
relief by buying bonds and depicting
the Treasury. They have the money,
and could do It."
PRECEDENT WILLIAMS,
Of the Chemical Bank, says it is the
activity OF bueinets and the locking mp
OF money In the Treasury that is cAus.
ing the trouble. lie favors large pur.
chases Of bonds.
PRKsIpRsT TAPPAN,
Of the q .llatin National Bank, fsvorr
the buying OF oil kinds OF government
bonds by the Trea,ury. He think,
the present Treasury officials have nc
policy.
FREDERICK p. Ole TT,
president OF the Central Trust Com
pany, said: "rhe goyero Inent ehould
buy all issues OF government bonds.
II the government Ia sincs rely and
earnestly In favor OF helping tho busi
ness community II must do II on q
larger scale than any attemptedso far. y
"Is Il the general opinion that the
government has any fixed hnsnciA
policy" .
"rhe government don't seem I,
have any hred policy financially. 3,
far ~ can be learned, II has not I'D
vised with any one outside OF Wa,h
ington. In formsr times, under Re
publican rule, whenever q Anancia
crisis was threatened, the SioretAr,
OF the Treasury, or some ons repro
senting him, came IN New York 3,
obtain the opinion a mo- Representa-
tive In commercial and hnanoial In
tsres,s. This aiminh tration does no
seem to have done anything Of thu
kind. Ordinarily, wilha tight money
martet, itIa Wall street which clamon
for relief. In this instance II In no
Wa | street, bu, the commercial inter
ests that ask for assistance. IL is no
the spectators, bu, the m icbant
who want 10. Wall street Ia MOI sui
iering. All the money necessary cal
be obtained on good collateral at
per cent.
"The crisis Ia due 10 tho coustan
and daily drain Of the Tfeasury upot
our commercial Industries. Toe rrsas
ury 10 responsible for u, and the Treas
ury only can give na relief"
"And tho best way 81 stop it7'
There are two vays. The FIRST 10 Il
take the duty OF certain thing, thl
necessariss Of lie; second, by puttinl
the duties on lnxuriee 10 high tina
imp ,rialiona Of theso articles wi
cease"
M Ocott 10 q Democrat.
| sAsAoHR CAMP,
OF the Bank Clearing House Asocia
ton, said. 1.-THE banks Are all rlghl
except that they would like 10 ac,om
modate the merchants demands To-
money. There 10 unquestionably
very active and firm money make,
but have no apprehepsions whsteye
| VI n mouty pnuits Aut WY tnih huou
q money panic that ha, been going OF
for some time operates 10 prevent
one"
rRoIDHsT sTKwART,
OF the United States Trust Company
thinks there are three oausssi First
the locking mp Of money by the Treas
ury; second, the real estate speou q
tion third the vast amount OF rallroa,
building In the West.
WILLIAM DowD,
president Of the Bank OF North Amer
lea, said: "Tne frs, cause Ii the Great
ing In western cities OF what Ia CALLED
reserve cenier5. Under this arrange
ment the money IN kept In Chicago
". Paul and otbsf places, instead o
here, and the banks have no, aJjuste,
themselves 10 this state Of sfairs.
year or two ego We held 90, COO, 900 o
| anarta and laOals tu0 veaFa agO Al "A